Former PBO Kevin Page Confirms No Fiscal Crisis Ahead of Budget

URGENT UPDATE: Former Parliamentary Budget Officer Kevin Page has just announced that Canada can afford to run steeper deficits in the upcoming federal budget, despite warnings from the current fiscal watchdog. This declaration comes as the nation prepares for its crucial budget announcement on November 4, 2025.

Page’s statement challenges the dire predictions made by Interim PBO Jason Jacques, who recently indicated that the federal deficit could soar to nearly $70 billion this fiscal year, describing the current spending pace as “unsustainable.” Page, however, argues there is “no fiscal crisis” in Canada, suggesting a more optimistic outlook.

In a piece published in Policy Magazine, Page emphasizes that Canada is at a critical juncture, or “hinge moment,” where the government must instill confidence among Canadians. He asserts that Prime Minister Mark Carney will need to deliver a budget that not only addresses current economic uncertainties but also inspires trust among taxpayers.

Highlighting Canada’s robust fiscal position compared to other G7 nations, Page believes the federal government has ample resources to support the economy’s recovery. He draws parallels to previous administrations led by Jean Chrétien and Brian Mulroney, underscoring that Canada’s debt levels remain manageable.

This news is especially significant as Canadians grapple with economic challenges exacerbated by global uncertainties. Page’s perspective may provide a much-needed sense of stability as the nation approaches the budget date.

As the situation develops, all eyes will be on the federal budget announcement on November 4, with stakeholders eager to see how the government plans to navigate these fiscal waters. For ongoing updates, stay tuned as this story unfolds.

This report draws from official statements and insights from The Canadian Press, ensuring readers receive the most accurate and timely information available.